GST Return Filing is the process through which a registered taxpayer under the Goods and Services Tax (GST) regime submits periodic reports about their sales, purchases, and the amount of GST they have collected and paid. These returns are necessary for compliance with GST law, and they help the government track taxable transactions and ensure the correct payment of taxes.
GST returns must be filed electronically through the GST portal (www.gst.gov.in), and timely filing is mandatory to avoid penalties. Businesses must submit multiple returns depending on their turnover, nature of business, and other factors.
Types of GST Returns
- GSTR-1: This return contains details of outward supplies (sales). Businesses must file it monthly or quarterly, depending on their turnover.
- GSTR-2A: This is an auto-drafted return that shows the details of purchases made by the taxpayer, available for reference but not required to be filed.
- GSTR-3B: A summary return that includes the details of outward and inward supplies, tax liabilities, and ITC (Input Tax Credit) claims. This return is filed monthly.
- GSTR-4: Filed by businesses that have opted for the Composition Scheme. It is filed quarterly.
- GSTR-5: Return for non-resident foreign taxpayers who have to file GST returns for their supplies in India.
- GSTR-6: Return for Input Service Distributors (ISD) to report the distribution of credit.
- GSTR-7: Return for persons required to deduct TDS (Tax Deducted at Source).
- GSTR-9: Annual return for GST filers that aggregates the data from GSTR-1, 3B, and other returns. This return is filed once a year.
- GSTR-10: Filed when a taxpayer’s GST registration is canceled, reporting the stock on hand at the time of cancellation.
Due Dates for GST Return Filing
- GSTR-1: By the 11th of the following month (monthly) or 15th of the following month (quarterly, for small taxpayers).
- GSTR-3B: By the 20th of the following month (monthly).
- GSTR-4: By the 18th of the month following the quarter.
- GSTR-9: By 31st December of the following financial year.
Penalties for Non-Compliance
Failing to file GST returns on time may result in:
- Late Fees: A fee of ₹50 per day (₹20 for taxpayers who haven’t filed GST returns) is charged for delayed filing.
- Interest: Interest is charged on the tax due if it is not paid on time.
- Cancellation of GST Registration: Continued non-compliance may result in cancellation of GST registration.
Four Plus Legal Compliance Welcomes You to GST Return Filing Services
At Four Plus Legal Compliance, we offer professional assistance in GST Return Filing to ensure your business remains fully compliant with the Goods and Services Tax laws. Our expert team provides hassle-free and timely filing of all types of GST returns, allowing you to focus on the core activities of your business while we take care of the regulatory requirements.
Why Choose Four Plus Legal Compliance?
- Expert Guidance: We have a dedicated team of professionals who understand the nuances of GST law and provide you with clear, actionable advice.
- Timely Filing: We ensure that your GST returns are filed on time to avoid penalties and interest charges.
- Comprehensive Services: From GSTR-1 to GSTR-9, we handle all types of GST returns across industries.
- Error-Free Filing: With our expertise, we ensure that your GST returns are accurate and compliant with the latest regulations.
- Transparent Pricing: We offer competitive and transparent pricing for our GST return filing services, making it cost-effective for your business.
- End-to-End Support: Whether you are a small business or a large corporation, we provide end-to-end support, from initial GST registration to final return filing.
Get Started with Four Plus Legal Compliance Today!
Welcome to a stress-free GST filing experience with Four Plus Legal Compliance. Let us help you navigate the complexities of GST and keep your business compliant while you focus on growing your business.
For more details or to schedule your GST return filing, contact us today!